Internal Combustion Engine Market Primed for Growth on Back of Rising Vehicle Production

The internal combustion engine market is estimated to be valued at US$ 256.7 billion in 2024 and is expected to exhibit a CAGR of 6.2% over the forecast period 2024-2031. An internal combustion engine is a heat engine that burns a fuel, usually a fossil fuel, and produces mechanical work to power vehicles, machinery, and electricity generation equipment. The various advantages of internal combustion engines including high power density, reliability, durability, and ability to use widely available petroleum fuels drive its demand in transportation and industrial sectors. The continuous growth in vehicle production, increasing disposable incomes, and expanding middle-class populace especially in developing countries are stimulating the demand for internal combustion engines.

Key Takeaways
Key players operating in the internal combustion engine market are Volkswagen AG,Toyota Industries Corporation,Robert Bosch GmbH,Cummins Inc.,Caterpillar Incorporated,BMW. Volkswagen AG holds the largest market share in gasoline engines while Caterpillar dominates the diesel engines segment.
Key opportunities in the internal combustion engine market include developing more fuel-efficient engines to comply with stringent emission norms, integrating alternative fuels like CNG and LPG, and reducing manufacturing costs through lean manufacturing techniques. Leading players are investing heavily in R&D to launch advanced combustion systems like stratified charge engines and homogeneous charge compression ignition technology.
Global expansion remains a key focus for major players with China and India representing high growth potential for automobile and construction equipment industries. Developed regions continue to offer ample opportunities in the marine engines and power generation segments.

Market drivers - Growing vehicle production driven by increasing disposable incomes in developing countries, expansion of transportation and logistics industries augmenting demand for commercial vehicles are major drivers.
Market restraints - Stringent emission norms affecting fuel efficiency, shift towards electric vehicles, and fluctuations in crude oil prices impacting input costs are restraining factors. High dependency on petroleum fuels is also a challenge.

Segment Analysis
The internal combustion engine market is dominated by the automobile segment. The automotive segment accounts for over 75% share of the overall internal combustion engine market due to the huge demand for passenger cars and commercial vehicles across the globe. The passenger car sub-segment leads the automotive segment owing to increasing demand for private vehicles with rising income levels. The commercial vehicle sub-segment follows passenger vehicles due to expansion of transportation and logistics industries.

Global Analysis
The Asia Pacific region dominates the global internal combustion engine market and accounts for over 50% share. China represents the largest country market in the Asia Pacific region due to the huge automotive production and sales in the country. India and Japan also capture sizable shares in the regional market. North America and Europe hold significant shares and are expected to remain major revenue contributors in the coming years. Growth in the commercial vehicle segment will support market expansion in countries like the U.S, Germany, and the UK in these regions. Developing countries in Latin America and the Middle East & Africa are new hotspots exhibiting brisk growth opportunities in the internal combustion engine industry during the forecast period.

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What Are The Key Data Covered In This Internal Combustion Engine  Market Report?

:- Market CAGR throughout the predicted period

:- Comprehensive information on the aspects that will drive the Internal Combustion Engine 's growth between 2024 and 2031.

:- Accurate calculation of the size of the Internal Combustion Engine  and its contribution to the market, with emphasis on the parent market

:- Realistic forecasts of future trends and changes in consumer behaviour

:- Internal Combustion Engine  Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa

:- A complete examination of the market's competitive landscape, as well as extensive information on vendors

:- Detailed examination of the factors that will impede the expansion of Internal Combustion Engine  vendors

About Author:

Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it